The emergence and development of cryptocurrencies, their popularity growth lead to gradual establishment of attendant trade infrastructure on the Internet. Exchanges that allow not only to exchange one token for another, but also trade on the difference in rates and earn good money on this has become very popular.
Every large cryptocurrency exchange is a service platform where users make digital money purchase and sale transactions.
Exchanges can be useful to ordinary people who want to buy a certain amount of cryptocurrency. They also help major and serious players to invest in promising cryptocurrencies.
Binance takes a special place among other large cryptocurrency exchanges. The project was launched in the summer of 2017 and by the spring of 2018 took place in the top five largest international trading platforms. As of March 2018, the daily trading turnover of the exchange exceeds 3.4 billion dollars.
ICO helped Binance development to a large extent at an early stage. Having collected $15 million dollars of investments, the developers received more than 20 thousand loyal users who were the first to test the new exchange platform. During ICO, the project was supported by many recognized industry experts — Roger Ver, Matt Roszak and other well-known Chinese investors. The platform development was also invested by such major companies as Morgan Stanley, Nomura, Accenture and SBI Group.
Success in the exchange promotion is also not accidental: Changpeng Zhao, the founder of the Chinese company, worked for a long time as a technical director of another large cryptocurrency exchange platform — OKCoin. Zhao became an expert in cryptocurrency and cloud technologies working as CEO, co-founder of BijieTech project.
The basis for Changpeng Zhao’s private fortune was the money received from sale of a house in Shanghai. He invested all his money in bitcoin in 2014 and got his money’s worth.
Thus, in just six months since its launch, Binance has become one of the largest cryptocurrency exchanges. Moreover, according to Bloomberg experts, it is Binance that tops the list of platforms earning at least $3 million a day on exchange fees.
Binance advantages
The platform is very popular due to simplicity and availability of its functions.
Users note the following advantages among others:
– Great choice of pairs for digital currency exchange — as of today there are more that 230 positions.
– Absence of mandatory account verification with a daily limit of up to 2 bitcoins for any user. General security is provided by two-factor authentication possibilities.
– Language interface support — Binance supports eight popular languages (English, Chinese, Russian, Korean, Japanese, French, German and Spanish).
– The general convenience of using exchange tools — the platform offers many indicators and convenient tools for technical analysis, that allow you to get all the necessary information quickly.
– Low fee — Binance takes only 0.1% for each transaction committed.
Registration and internal functions of the exchange
The registration process takes no more than two minutes. After confirming the profile through the mail and filling out all the points in the risk agreement on the site, the user is automatically redirected to the main control page.
When clicking on the “Exchange” menu, the system redirects you to the page of actual real-time changing indices. All pairs are divided into four categories — BTC, ETH, BNB and USDT trade. The pair is selected on the right side of the screen, in the corresponding list. On the left there are sale offer at the top and purchase offers below.
You can buy or sell a BNB token — the internal Binance cryptocurrency here, using the appropriate buttons.
Deposits and withdrawals of funds are made through the Funds menu — the system offers a considerable number of tokens for transactions performing. Finances can be withdrawn from the exchange only in the form of a specifically selected crypto currency, ordinary bank accounts and e-commerce accounts cannot be used for this purpose. A fee is charged for the withdrawal, its amount depends on the coin type of the purse where the transaction is made.
The trading page is represented by two versions — basic and advanced, that differ not only in design, but also in functionality. For an average typical trader, the tools of the basic Exchange menu are enough.
The system offers a choice of two options for transactions here:
– Limited (Delayed)
You can set your prices for cryptocurrency purchase / sale. There is an opportunity to create orders with a certain value due to increase or decrease of the market value of individual cryptocurrencies.
– Market
Provides the opportunity to select automatically from currently existing profitable orders.
Binance low fee can be reduced by another 50% by buying BNB-tokens on the stock exchange — own cryptocurrency of the trading project. The interest retained for transactions in this case will be 0.05%.
BNB — branded cryptocurrency and token investment
Since the very beginning of the exchange work, its own branded cryptocurrency BNB has been launched into circulation. This coin is a token of the Ethereum ERC20 format.
The ERC20 standard simplifies the compatibility of all tokens of this standard with third-party blockchain services.
The main purpose of BNB creation is to simplify trading on Binance exchange, although the coin can be also used as an investment. The total turnover of the token is 200 million BNB, and this is the limit of release — new coins will not be issued.
The use of the token within the exchange carries a certain inflationary risk. The Binance system is designed in such a way that the commission fee for using BNB for all users is reduced annually according to the following scheme:
– 50% discount for all transactions in the first year.
– 25% discount for all transactions in the second year.
– 12.5% discount for all transactions in the third year.
– 6.75% discount for all transactions in the fourth year.
For the fifth year the discount offer is not provided. As the fee gradually decreases, the cost of BNB decreases too.
The developers of the token took this negative moment into consideration in advance and planned to reduce the cryptocurrency volume gradually from the moment the exchange was launched, thus “leveling” the rate. For this purpose Binance official representatives repurchase a part of coins from users every three months and “destroy” them.
This financial policy pays its way, as today’s cost of one BNB is 11.17 dollars, although at the time of its launch, its value was 10 cents. The market capitalization for March 2018 is 1 106 113 816 dollars.
If we talk about investment in the cryptocurrency, Binance provides the opportunity to every user to invest through the Launchpad Binance platform into the projects of those ICOs that officially participate in the sponsorship program.
Launchpad Binance — one of those working projects that really help to raise funds in start-ups based on blockchain. Thus, GIFTO, the protocol that allows creating original virtual gifts, became the first crowdsale partner of Binance.
Users feedback about the exchange
Binance is a unique project among all cryptocurrency exchanges, not least because the developers managed not only to launch a multi-functional platform in the shortest period of time, but also to promote its recognition among users around the world.
The exchange was appreciated by Russian users too. Judging by the numerous reviews in the Runet, Binance is well regarded, trusted, and thousands of Russian investors and traders use its services every day.
To learn more about all possibilities of the exchange, we recommend you to test its functions yourself: go to the link and evaluate the easiness and convenience of earning money on cryptocurrency.
